کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
962536 | 930119 | 2008 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Dynamics of the current account and interest differentials
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
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چکیده انگلیسی
In contrast to earlier work, we study the relation between the current account and the interest rate differential. To do so, we document the relation for international data. We then interpret this relation from a two-country, dynamic, general equilibrium model, where a financial intermediary faces operating costs that are increasing and convex in the volume of internationally intermediated funds. We finally confront the relation predicted by the model to the relation observed in the data. We find that the model correctly predicts that the current account is negatively correlated with current and future interest differentials, but positively correlated with past interest differentials; that the current account is countercyclical; and that the interest differential is procyclical.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 74, Issue 1, January 2008, Pages 35-52
Journal: Journal of International Economics - Volume 74, Issue 1, January 2008, Pages 35-52
نویسندگان
Martin Boileau, Michel Normandin,